Yes you can apply for a tax rebate, the only difference is that the taxes to be paid are slightly higher and so can be the retention. But the process is the same; it is just simply a different form that will need to be submitted.
Can I sell my property for less than what I brought it for?
Yes you can, even though this is unusual. It is normal to try and make some profit from the sale. Most taxes, like capital gains tend to include the proceeds of the property, so it is possible that the tax authorities may question the sale and contest the taxes need to be paid. In this situation it would be strongly advisable to seek legal and financial representation.
Can I take what proceeds I make from my sale out of Spain?
Should you choose to leave Spain, then logically you would want to take your money with you. This is of course permitted and legal. Currently there are no restrictions on the movement of funds through a bank as long as it is declared at some point. The thing to look out for will be the amount of charges that can accumulate, so check the conditions on both sides before sending any money.
Can the seller and the buyer use/share the same lawyer?
Yes if they agree to it. Usually the vendor and the buyer use different lawyer so that they may remain impartial, as well as begin able to resolve any disagreement that may arise. Sharing a lawyer can happen when the seller and buyer know each other and that way they can save on legal fees, but they must sign a written agreement stating that they will be sharing a lawyer for the transaction. If a dispute did occur then the lawyer would not be able to represent both parties because the lawyer would have to share the same information among all parties.
Do I need a financial advisor or an accountant?
If you do not have financial representation then you run the risk of not properly paying your taxes and being hit with a large fine later on, this included all property sale taxes and your tax returns. Financial representation also makes sure you only pay exactly what you need to and can inform you as to what you are paying and why you are the one paying it. For a sale of a property some taxes are meant for the seller and other for the buyer.
What do I need if I want to sell my property?
Apart from presenting your house visually ready to go on the market either through an estate agent or privately you will need to check the legality of your property and make sure all your and the properties documentation is current and correct.
If I sell my country home will I have to pay capital gains tax?
Yes you are eligible to pay this tax. This tax is not affected by the nature of the property, but the age of the property will affect it. Capital gain is a personal tax and is included in the tax retention fund from the sale.
Should I hire or consult a legal representative?
It is advisable to do so as they will be able to handle any issues much quicker than you could on your own, as well as saving you a lot of time trying to find about and possibly getting it wrong. For example, all the property´s documentation and the owner’s documents must be the appropriate updated originals in order to sell and pass ownership on the day of the notary and if the documents are wrong the sale will not go through.
Should I use an state agent or do I advertise privately?
Lots of people use the internet to begin their property search, but some only used it for research and nothing more, as they may mistrust the vendors. Some people just prefer personal transactions. Both ways whether privately or not will allow for potential buyers and of course doing both increases the possibility. The only down side to an estate agent is the commission fees at the end of it.
What do I do if I don’t have all the papers the buyer wants?
If you have legal representation they should organise the preparation of required documents. However you should have a check list of papers that in general proves that upon selling the deeds are correct, and there will be no debt, because you are up to date on all payment, from council tax to utilities.